Ever heard of MEDDPICC? This acronym could be your secret to boosting your sales process and closing more deals.
It’s a sales methodology that B2B sales management can use to enhance lead scoring and get the buyer to their final decision faster. When properly implemented, it can strengthen any sales pitch and add strong competitive advantages to sales training.
Let’s break down everything you need to know about implementing MEDDPICC into your sales process.
MEDDPICC is a sales qualification methodology, designed to help sales teams qualify and close deals faster and more efficiently.
MEDDPICC stands for:
Using each element of MEDDPICC in the sales process is a proven way for any sales team to enhance the prospect’s decision-making process, speed up the sales cycle, and close more deals.
When you break down the MEDDPICC sales process, each element (letter) involves a few important questions.
Metrics refer to quantifiable value measurements that your solution offers. Here are some key questions to consider here:
Understand and engage with the economic buyer early on, as this is the buyer role that holds the authority in the buying decision. Here are some questions to connect with the economic buyer:
This refers to how a purchase decision for your solution will be judged. Understand these questions to enhance decision criteria:
This covers the steps a buyer will take from evaluating your solution to making a decision. Sales professionals can enhance this process with these questions:
The paper process refers to the steps in the buying process that need to be followed after the purchase decision. Speed it up with these questions:
Identify pain points and implicate how your solution solves them. Ask these questions to establish this:
This is the person who has power and credibility with the buyer’s organization. Ask them:
This refers to anyone you’re competing against for this sale. Ask these questions to gain a competitive advantage:
Implementing the MEDDPICC sales qualification framework helps sellers focus on the deals that are most likely to close, while giving buyers an objective way to measure if the business impact of the solution would be appropriate for their business. For managers, it improves forecast accuracy and increases communication with their team by creating a consistent way to evaluate deals.
To introduce this process to sales teams, you need to incorporate it into your sales rep training. Teach them how to use it and explain the value of this process for qualifying which deals they should focus more on.
In addition, build out fields in your Salesforce that align to MEDDPICC and add a numeric value associated with each letter. Doing this forces sales reps to complete the fields and use the MEDDPICC methodology.
Using a numeric value also allows for more effective analysis by sales reps and sales leaders. They can then use this data on forecast calls. For example, a low score and a close date in two weeks means the deal is high risk. A high score with a close date in two weeks is an expected success so focus your attention here.
Applying the right lead scoring process for the MEDDPICC methodology will make it a lot easier to implement this process effectively. Here are some scoring options for each element of MEDDPICC:
0: none found
1: found / not significant value
2: found and significant value
0: not identified
1: identified, but no access
2: identified and confirmed budget
0: no decision criteria
1: understand the decision criteria
2: understand and favorable to decision link
0: you don't understand the decision process
1: understand but has not started
2: understand and has started
0: not found
1: delivered, no feedback
2: delivered, approved
Identify Initiatives / Pain:
0: no initiative, you are the only one with urgency
1: there is an initiative, but no urgency
2: initiative and urgency linking to purchase
0: not identified a champion
1: identified champion, but not tested them
2: identified and tested
MEDDPICC is not a diet, it’s a lifestyle.
Reinforcing MEDDPICC is critical as it’s common for reps to otherwise fall back to their old habits. Even for experienced users of MEDDPICC, reinforcement keeps it in the front of their mind for greater engagement.
Find a tool that can seamlessly reinforce MEDDPICC into the seller's workflow. Aircover is an option that can serve up MEDDPICC to you on every customer, and then automatically capture notes around each letter and send it to your CRM.
This type of daily reinforcement has many benefits, including:
Another idea is to put together regular success stories of customer wins using the framework. These should map each step of the sales journey to the different letters of MEDDPICC. Your reps can learn from these practical examples and gain a better understanding of the methodology.
Applying the MEDDPICC qualification framework to the different stages of the sales process will help you boost your win rates. It’s all about getting the right information from your potential buyer and using this to make sure your solution aligns with their needs.
Get it right, and you’ll be providing a better buyer experience, while increasing your conversion by spending your time on the deals most likely to close.